San Diego – 98% Interest
Published February 28, 2007 @ 12:40PM PT
98% interest. That’s how much a Sudanese refugee in San Diego was being charged for a loan that he received from a less-than reputable financing company 10 months ago. He sent the money to his mother in Africa, who was ill and needed the funds to pay for medical care. After repaying nearly $2500 over 10 months, his outstanding principal balance was HIGHER than when he began because he made two late payments. The financing company was taking funds directly out of his barren checking account as soon as any deposits were made, he had lost his job, he was falling behind on his credit card payments, and the bank was about to repossess his car.
Read the rest on the official IRC blog
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